Calvert VP Nasdaq 100 Index Portfolio

The Portfolio seeks investment results that correspond to the investment performance of U.S. common stocks, as represented by the NASDAQ-100 Index.

The Portfolio seeks to substantially replicate the total return of the securities comprising the NASDAQ-100 Index, taking into consideration redemptions, sales of additional shares, and other adjustments. Under normal circumstances, the Portfolio will invest at least 80% of its assets in investments with economic characteristics similar to the stocks represented in the NASDAQ-100 Index.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Returns for periods of less than one year are not annualized. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees, but does not reflect fees and charges imposed under the variable annuity and life insurance contracts through which an investment may be made. If these fees and charges were included, they would reduce these returns.

Characteristics

December 31, 2014

Portfolio

Benchmark

Number of Holdings

109

105

W. Avg Cap. (mils)

$198,415.2

$202,511.6

W. Median Cap (mils)

$124,056.8

$124,056.8

P/E 1-year trailing

20.7

20.5

P/E 1-year forward

18.8

18.9

EPS Growth, past 3 years

12.2%

12.0%

EPS Growth, next 3 - 5 years

16.7%

16.3%

Price to Book

4.7

4.7

Price to Sales

3.0

3.3

Dividend Yield

1.1%

1.1%

Active Share

4.2%

N/A

September 30, 2014

Portfolio

Benchmark

105

104

$199,168.5

$198,879.8

$125,464.1

$125,464.1

23.4

23.0

18.8

18.9

12.4%

12.3%

17.5%

17.5%

4.6

4.5

3.3

3.3

1.2%

1.2%

2.4%

N/A

December 31, 2013

Portfolio

Benchmark

102

101

$154,711.3

$156,780.4

$94,378.1

$94,378.1

21.3

21.1

18.9

18.7

12.1%

12.4%

17.6%

17.5%

4.3

4.2

2.9

2.8

1.3%

1.3%

5.7%

N/A

Returns Based Statistics
(3 Year)

December 31, 2014

Portfolio

Benchmark

Average Annual Return

23.84%

24.61%

Standard Deviation

11.85%

11.75%

Beta vs. Market

1.01

1.00

Excess Return

-0.77%

0.00%

R-Squared

99.79%

100.00%

Tracking Error

0.55%

0.00%

Information Ratio

-1.41

0.00

Sharpe Ratio

2.01

2.09

September 30, 2014

Portfolio

Benchmark

24.59%

25.36%

12.85%

12.77%

1.01

1.00

-0.77%

0.00%

99.82%

100.00%

0.55%

0.00%

-1.41

0.00

1.91

1.98

December 31, 2013

Portfolio

Benchmark

18.13%

N/A

13.38%

N/A

1.00

N/A

0.70%

N/A

99.95%

N/A

0.30%

N/A

2.29

N/A

1.35

N/A

Sector Weights / Percentage of Holdings (ex-cash)

December 31, 2014

Portfolio

Benchmark

+ / -

Consumer Disc.

19.00%

17.70%

1.30%

Consumer Staples

4.53%

4.63%

-0.09%

Energy

0.00%

0.00%

0.00%

Financials

0.00%

0.00%

0.00%

Health Care

14.81%

15.08%

-0.27%

Industrials

2.45%

1.69%

0.76%

Information Tech

58.38%

59.75%

-1.37%

Materials

0.34%

0.35%

-0.01%

Telecomm Services

0.48%

0.81%

-0.33%

Utilities

0.00%

0.00%

0.00%

September 30, 2014

Portfolio

Benchmark

+ / -

18.08%

18.02%

0.06%

4.37%

4.36%

0.02%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

14.81%

14.78%

0.04%

1.59%

1.58%

0.02%

60.16%

59.96%

0.20%

0.36%

0.36%

0.00%

0.62%

0.96%

-0.33%

0.00%

0.00%

0.00%

December 31, 2013

Portfolio

Benchmark

+ / -

20.67%

20.64%

0.03%

4.65%

4.75%

-0.09%

0.00%

0.00%

0.00%

1.17%

0.00%

1.17%

13.40%

13.44%

-0.04%

1.81%

1.85%

-0.04%

56.26%

57.24%

-0.98%

0.28%

0.28%

-0.00%

1.76%

1.80%

-0.04%

0.00%

0.00%

0.00%

Top Ten Holdings / Percentage of Net Assets

December 31, 2014

APPLE INC

13.19%

MICROSOFT CORP

7.80%

GOOGLE INC CL C

3.64%

INTEL CORP

3.58%

FACEBOOK INC A

3.54%

GOOGLE INC CL A

3.08%

AMAZON.COM INC

2.93%

CISCO SYSTEMS INC

2.90%

GILEAD SCIENCES INC

2.90%

COMCAST CORP CLASS A

2.54%

Total

46.10%

September 30, 2014

APPLE INC

12.86%

MICROSOFT CORP

8.11%

GOOGLE INC CL C

4.13%

INTEL CORP

3.67%

GOOGLE INC CL A

3.51%

GILEAD SCIENCES INC

3.47%

FACEBOOK INC A

3.34%

AMAZON.COM INC

3.14%

CISCO SYSTEMS INC

2.74%

QUALCOMM INC

2.67%

Total

47.64%

December 31, 2013

APPLE INC

12.10%

MICROSOFT CORP

7.48%

GOOGLE INC CL A

7.44%

AMAZON.COM INC

4.38%

INTEL CORP

3.09%

QUALCOMM INC

3.00%

CISCO SYSTEMS INC

2.88%

GILEAD SCIENCES INC

2.76%

COMCAST CORP CLASS A

2.66%

FACEBOOK INC A

2.45%

Total

48.24%

The Fund may or may not still invest in, and no action is recommended
on, companies listed. For the most recently available information on the Fund's
holdings, visit www.calvert.com.

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Portfolio or the Portfolio could underperform because of the following risks: the stock market or the Nasdaq-100 Index may fall in value, causing prices of stocks held by the Portfolio to fall; individual investments of the Portfolio may not perform as expected; and/or the Portfolio's portfolio management practices may not achieve the desired result. An index fund has operating expenses; a market index does not. Although expected to track its target index as closely as possible while satisfying its investment criteria, the Portfolio will not be able to match the performance of the index exactly. It is not possible to invest directly in an index. The Portfolio is non-diversified and may be more volatile than a diversified fund.

Allocation percentages may not add to 100% due to rounding. Negative Cash positions may occur as the result of varying settlement schedules for securities.

Calvert Investments does not provide tax advice, and nothing on this site should be construed as tax advice. Before acting on any such information, consult your own accountant or tax advisor.

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member FINRA and subsidiary of Calvert Investments, Inc.

For more information on any Calvert fund, please call Calvert at 800.327.2109 or download a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.

Holdings are as of the date shown above, may change at any time and are not recommendations to buy or sell any security.

Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.

I800ATT

FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

Get Information and Resources

For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.